Evolutionary game- based optimization of green certificate- carbon emission right- electricity joint market for thermal-wind-photovoltaic power system

Abstract

With the increasing proportion of renewable energy in the power market, the demands on government financial subsidies are gradually increasing. Thus, a joint green certificate- carbon emission right- electricity multi-market trading process is proposed to study the market-based strategy for renewable energy. Considering the commodity characteristics of green certificates and carbon emission rights, the dynamic cost models of green certificates and carbon rights are constructed based on the Rubinstein game and ladder pricing models. Furthermore, considering the irrational bidding behavior of energy suppliers in the actual electricity market, an evolutionary game based multi-market bidding optimization model is presented. Subsequently, it is solved using a composite differential evolutionary algorithm. Finally, the case study results reveal that the proposed model can increase profits and the consumption rate of renewable energy and reduce carbon emission.

Keywords

• Electricity market
• Carbon emission right
• Green certificate
• Evolutionary game